MARKET

News & Analysis

The recent response by the single currency is the complete opposite to that seen last year in April and May when a surge in global trade uncertainty had the euro quickly sink below the $1.20 level. This time it’s different for the euro, which suggests the currency may be close to a bottom on EURUSD.

Sterling continues to sit on the back foot as a G10 currency against the dollar in a mild risk-off environment. Now, Theresa May will hold out for cross-party talks to bear fruit in order to secure much needed Labour votes ahead of the WA’s fourth running.

Sterling has unwound all of last Friday’s Brexit optimism with the pound paring back 0.7% this week so far against the US dollar. On the face of it, the Brexit riddled coinage has fared relatively well compared to its G10 compatriots as trade tensions resurface.

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Ranko Berich

Head of Market Analysis

Ranko Berich heads up the team of analysts at Monex Canada and Monex Europe. The analysis team provide timely insight and commentary on developments in currency movements and their drivers.e-mail@rankoberich